U.S. crude oil production rose to 13.93 million barrels per day in April, the highest on record, monthly data from the Energy Information Administration showed on Tuesday, as producers ramped up output in response to higher oil prices owing to the Iran war. Production rose by 216,000 bpd in April, EIA data showed, with production in New Mexico touching a record high of 2.37 million bpd. Crude production in Texas edged 36,000 bpd higher to 5.83 million bpd, the highest since November. Texas [Read more]

Oil prices were heading on Tuesday for their biggest quarterly loss since the COVID-19 pandemic in early 2020, with investors eyeing potential U.S.-Iran talks in Doha amid a strained interim ceasefire in the four-month-old war. Brent August crude futures, which expire on Tuesday, were up 0.21%, or 15 cents, at $73.30 a barrel at 1302 GMT. However, the contract was on track for a third straight monthly decline, down about 20% so far in June. The more actively traded September contract [Read more]

Investors have had to gulp down the motion-sickness tablets this year as the turmoil from the Iran war has clashed with a seemingly unstoppable boom in all things AI and otherworldly. Global stocks are now $7 trillion higher than at the end of 2025, even though the war caused a $9 trillion drop in March, when oil shot to $120 a barrel and hopes of lower interest rates were dashed. South Korea's stock market has surged by 100% and Elon Musk's $2 trillion SpaceX has blasted off, but the [Read more]

Asia's seaborne imports of crude oil lifted slightly in June but stayed near their lowest in more than a decade as the impact of Iran conflict crimped shipments from the Middle East. The top importing region is forecast to receive 20.71 million barrels per day (bpd) in June, up fractionally from May's 20.39 million bpd and nearly 2 million bpd more than the 18.77 million bpd in April, which was the lowest since November 2015, data from commodity analysts Kpler shows. However, despite the [Read more]

U.S. President Donald Trump said on Monday gasoline retailers must get prices down immediately and warned that there will be "big problems" ahead if they did not do so. Here are details: * "Gasoline Retailers must get their Prices down, IMMEDIATELY," Trump wrote on Truth Social. * "There will be no gauging, which is totally illegal. If Retailers don't do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number," he wrote. * Last week, Trump said he has [Read more]

The United States accounted for about a third of the rise in global carbon emissions in 2025, as higher gas prices pushed power producers back to coal, an Energy Institute report showed. Here are highlights from the report, produced in partnership with Ember, Kearney Institute and KPMG: * U.S. coal consumption jumped 10% last year, reversing a shift towards cleaner fuels and helping lift overall emissions. * Global carbon emissions from the energy sector rose 1.1% to 35,806 million [Read more]

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to data from the Department of Energy. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility to plug a gap in global inventories after the Iran war and help push down fuel prices. U.S. crude stocks have rapidly declined in recent weeks due to strong export and refining demand for American [Read more]